What is Dogecoin? Why is Dogecoin Value Going Up Along With Popularity?



oi-Sneha Kulkarni


Dogecoin is a cryptocurrency with a fun and friendly brand picture that aims to be a supportive introduction to cryptocurrency. Billy Markus, an Oregon programmer, came up with the concept for a kind of “joke” cryptocurrency. He reasoned that a more lighthearted coin, rather than Bitcoin, would have a greater chance of gaining mainstream acceptance. Although Dogecoin is nowhere near the scale of Bitcoin, the ‘joke’ currency’s market cap has risen from more than $1 billion in early January to $47 billion on Saturday, according to CoinMarketCap.

It was dubbed a “meme cryptocurrency.” Dogecoin (DOGE) is an open-source cryptocurrency that is based on a fork of the Litecoin code. As the name implies, it is mainly based on the Doge meme that swept the Internet in 2013.

What is Dogecoin? Why is Dogecoin Value Going Up Along With Popularity?

Interest Facts About Dogecoin

  • Dogecoin is an open-source peer-to-peer digital currency popular among Shiba Inus around the world. “Doge” is our amusing and friendly mascot!
  • The Shiba Inu is a Japanese breed of dog that has become popular as an online meme and is associated with Dogecoin.
  • Dogecoin has one of the most active and largest communities in the cryptocurrency world. This group has banded together to support a variety of charitable endeavours and other ventures. They were also able to fund a NASCAR race.
  • Unlike Bitcoin, Dogecoin has no upper limit, which means there are actually more than 100 billion dogecoins in circulation.

Why is Dogecoin value going up?

Dogecoin, which began as a joke, has gained celebrity support from people like Elon Musk and Snoop Dog, rock musician Gene Simmon driving up the price.

Musk expressed his interest in the coin once more in April, saying, “Doge barking at the stars.” Following Elon Musk’s tweet, a large number of people purchased large amounts of Dogecoin (DOGE), causing the price to rise from a 24-hour low of 0.062 dollars to 0.078 dollars, a 20% increase.

The key explanation for the price increase is said to be the rising value of other crypto types such as Bitcoin and Ethereum, which has propelled the value of Dogecoin.

Musk tweeted a picture of a dust storm with a Shiba Inu dog face as the ‘dogecoin norm’ blowing over the ‘global financial system’ on April 18 morning. Musk described it as “inevitable.”

The DOGE run seems to be unstoppable. Now as the prices reached a new peak, the meme cryptocurrency briefly replaced the payments-focused XRP as the fourth-largest cryptocurrency by market capitalization.

How to Invest in Dogecoin from India?

In India, crypto investors can open accounts on any of the Dogecoin-supporting crypto exchanges including WazirX, BuyUcoin, and others.

Interested individuals can Dogecoin using a debit or credit card, bank transfer, IMPS transfer from the available platforms.


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